NORWOOD, Mass., Aug 10, 2004 -- NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), announced today that the Timex Corporation has appointed the retirement plan provider to provide recordkeeping, administration, education, and ERISA and investment consulting services - as well as the use of several NYLIM investment products -- to its $60 million defined contribution plans.

Timex, based in Middlebury, Conn., is America's largest and best-known watchmaker. The company has 400 participants in its retirement plans.

"By teaming with Morningstar Associates to provide investment advisory services and support to our plans, NYLIM Retirement Plan Services allows us to provide an exceptional benefit to our participants" said Bob Ricci, Timex's Vice President of Human Resources. "NYLIM's emphasis on Portfolio Complete, as well as its ability to provide customized communications for our plans, was an important selling point."

"We are thrilled to have been chosen for the important job of administering Timex's retirement plans," said Tom Clough, managing director of NYLIM Retirement Plan Services. "Timex has realized the growing importance of fiduciary duty in retirement planning. We are glad to help them in that regard and with all their retirement needs."

About Timex

With nearly 450 styles among its Classics, Youth, Outdoors and Sports lines, Timex has the right watch for everybody and every lifestyle. Timex is headquartered in Middlebury, Connecticut. For more information visit www.timex.com.

About Morningstar Associates

Morningstar Associates, LLC is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., a leading provider of independent investment research.

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services oversees more than 2,100 comprehensive defined contribution, defined benefit and deferred compensation plans as of June 30, 2004. With offices in Norwood, Massachusetts, and Parsippany, New Jersey, NYLIM Retirement Plan Services administers retirement programs for small, medium and large companies, multi-employer plans, and individuals throughout the United States, and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit plans.

With more than $181 billion in assets under management as of June 30, 2004, New York Life Investment Management and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments. For more information, visit NYLIM's website at www.nylim.com.

Securities offered through NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.